Japan Lifts Key Oil, Gas Sanctions

Japan Lifts Key Oil, Gas SanctionsJapan Lifts Key Oil, Gas Sanctions

Japan on Friday lifted its key sanctions against Iran, including bans on making new investments in the oil and gas sector using export credits, with immediate effect, its Ministry of Economy, Trade and Industry said. Tokyo's action followed news over the weekend that the US and EU had announced Implementation Day, triggering the lifting of sanctions against Iran, after Tehran fulfilled its obligations to limit its nuclear program, Platts reported. Japan lifted sanctions related to the oil and gas sector, which were imposed in 2010 in accordance with the UN Security Council Resolution 1929. This included lifting its ban on the state-owned Japan Bank for International Corporation and Nippon Export and Investment Insurance entering into any new commitments for long-term export credit, running two years or more, in all trade sectors, including energy. The JBIC and NEXI ban had made it difficult for Japanese companies to make any new investments in oil and gas projects, which are usually long term. Japan also lifted NEXI's restrictions on providing short-term export credit for trade with Iran.